
FINANCIAL&MNGRL ACCT (LL)W//WILEYPLUS>C
3rd Edition
ISBN: 9781119491927
Author: Weygandt
Publisher: WILEY
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Chapter K, Problem 7Q
To determine
Other significant liabilities
Other significant liabilities are liabilities other than current and long-term liabilities. These liabilities have a significant impact on the future
Fringe benefits
Fringe benefits are an additional benefit received by an employee other than his/her wages. Life insurance coverage, health insurance, company car, pension plan benefits, paid absences-vacation pay; paid holidays and sick pay are the examples of fringe benefits.
To Describe: The paid absences and how to account this.
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Mat lives in Barbados and is desirous of starting his own business from inheritances that his parents left him. He approached you for advice on the best type of business to register. Mr. Mat said he would love to gain benefits from any tax relief that is available that the government has to offer. Give advice to Mr. Mat whether it would be more beneficial to start a Company or an Individual Trading Business. outline for Mr. Mat why setting up either a company, or a trading as business is more advantageous over the other. cover matters like: Tax rates, Available tax reliefs and or tax credits Ease of operations of a company, as well as ease of operations of an individual trading business.
General accounting
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